Xunlei Ltd (NASDAQ:XNET) shares fell 9.6% during mid-day trading on Monday . The stock traded as low as $15.26 and last traded at $15.77. 13,913,000 shares traded hands during mid-day trading, an increase of 539% from the average session volume of 2,176,835 shares. The stock had previously closed at $17.45.

Several research firms have recently issued reports on XNET. BidaskClub cut Xunlei from a “buy” rating to a “hold” rating in a research note on Wednesday. ValuEngine raised Xunlei from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. Finally, TheStreet raised Xunlei from a “d+” rating to a “c-” rating in a research note on Monday, November 13th.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Susquehanna International Group LLP lifted its holdings in shares of Xunlei by 234.8% during the third quarter. Susquehanna International Group LLP now owns 60,218 shares of the software maker’s stock valued at $256,000 after purchasing an additional 42,230 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Xunlei during the third quarter valued at $300,000. Dimensional Fund Advisors LP lifted its holdings in shares of Xunlei by 92.2% during the third quarter. Dimensional Fund Advisors LP now owns 52,378 shares of the software maker’s stock valued at $223,000 after purchasing an additional 25,130 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Xunlei by 8.6% during the second quarter. State Street Corp now owns 99,693 shares of the software maker’s stock valued at $323,000 after purchasing an additional 7,880 shares during the last quarter. 11.45% of the stock is owned by institutional investors and hedge funds.

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About Xunlei

Xunlei Limited (Xunlei) is a cloud-based acceleration technology company. The Company operates an Internet platform in China based on cloud computing to enable users to access, manage and consume digital media content. The Company’s segment is the operation of its online media platform. The Company’s products and services include Xunlei Accelerator, which enables users to accelerate digital transmission over the Internet, and cloud acceleration subscription services, which offer user services for speed and reliability.

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